MacGregor TTS Acquisition Overview

Market CSSC & CSIC control -40% Chinese shipbuilding; SOEs promote “internal synergy", and ambition to lead the industry m. CGT Chinese Yard Annual Contracting 25 20 20 100% CSIC ■CSSC ■COSCO SHIPPING 招商局集團 ■YZJ Holdings ■New Century Other CHINA MERCHANTS GROUP 59% 15 15 64% 44% 43% 10 10 5 0 2014 2015 MACGREGOR 7 State yards share 54% 36% CSSC CSIC 80% 60% 57% 60% 46% 40% 40% 20% 0% 2016 2017 2018

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